July 2009

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Qualify before you Buy !

1)  Fannie Mae Guideline Change ! 2/6/09,  has announced that it will increase the number of mortgages a Real Estate investor can have from 5 to 10.  720 minimum FICO, 75% LTV Purchases, 70& LTV Limited Cash-Out Refinance and Full Documentation income.   Read our Investor Loan Increase article here.

2)  Guidelines for 1 to 4 units have changed significantly ! Before writing a purchase contract on a property,  be sure you know what financing is available.

3)  Buying a Condo for cash or with private money?  make sure condo HOA is a warrantable property, if not, you may not be able to re-sell it easily to another. Fannie, Freddie & FHA will not lend on non warrantable condo properties.

4)  Buying properties at the Trustee Sale with private money?  You can no longer use the appraised value for a rate & term refinance until after 6 months and 12 months for a cash out refinance.

5)  More than 4 properties, there are a few portfolio lenders who will lend. Full Doc only, 700 + FICO 

Call for a free Mortgage Analysis anytime! 

 480-390-2123

or E mail  

MBongiovanni@BNCNationalBank.com